COVID-19 Actuaries Response Group

Risk management: UK, Taiwan and S Korea

Bulletin 123 | Gordon Woo

In this Bulletin, Gordon Woo compares the risk management approaches of UK, Taiwan and South Korea. Improvement in risk management can come from comparison with those who have been especially successful at risk mitigation. Comparison with others less successful may lead to a false sense of complacency.

A global pandemic is the ultimate societal risk. Every individual has to forego some personal freedom for the sake of collective public health. The Taiwanese and South Korean governments have been amongst the most successful to contain COVID-19. A comparison is made between UK, Taiwanese and South Korean risk management approaches to identify the scope for future enhancements to UK public health policy, particularly in dealing with more lethal pathogens.

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Gordon Woo

Catastrophist - Risk Management Solutions

Dr. Gordon Woo is an architect of the RMS LifeRisks pandemic risk model, which was developed in 2006, at the time of the H5N1 avian flu crisis.

He has contributed widely to the IFoA literature on pandemics, including writing an actuarial perspective on pandemics for the special pandemics edition of the 2015 longevity bulletin, and an article on the age-dependence of the 1918 pandemic.

His IFoA talk on extreme pandemic scenarios in September 2016 included an alternative more transmissible version of MERS, which has similarities with COVID-19.

Trained at Cambridge, MIT and Harvard, he is a visiting professor at UCL, and a visiting professor at NTU, Singapore.

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